Concerns about housing crisis after coronavirus

WASHINGTON (NEXSTAR) — Economists fear that federal coronavirus aid is simply postponing a housing crisis to rival that of 2008.

“Eventually, the rent will be due,” said Solomon Greene of the Urban Institute research group. “We need to be planning now for that cliff.”

Greene said millions of Americans could face losing their homes if their jobs don’t survive the pandemic.

“Renters are most likely to be most hard hit by the crisis. They tend to have lower incomes. They also work in the industries that we’re seeing are losing jobs,” Greene explained.

The $2.2 trillion federal coronavirus relief package approved last month gives temporary protection from eviction and foreclosure for some, but Greene said Congress must create long-term solutions for many more.

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